The US residents have been in a desperate wait for their new payment rounds which are anticipated from the Federal financial relief funds, but at the same time, they have also been in the process of receiving various other payment packages which have been supported by the State Governments in their region. This is important because the Federal US Government had sent out a good amount to the eligible residents, when it was seen that there was going to be a need for financial help form the Federal US Government after the COVID 19 pandemic.
Not only that, in the months which had followed the pandemic, it was reported in many US states that there is going to be a rise in their daily expenses, and for this reason, there were a lot of individuals and/ or families who were unable to get any other help. These individuals and/ or families in the US had their earning incomes from their work as either low income or moderate incomes. To help with this, it was announced by the Federal Government that there will be rounds of Federal Payments which will be sent out with the aim of boosting the economy, and at the same time, to help these families.
$1400 Inflation Stimulus Checks
The support payments which were sent out by the Federal US Government had been the Stimulus Packages, and these payments had been received by many during the months between 2020 and 2021. It was reported that this federal help for the Americans was able to help with their basic needs, and the budget which was spent to provide these Federal Financial Payments between 2020 and 2021 had exceeded the total of 900 billion dollars. This is important as after spending billions, there have been many Americans who have not been able to take the benefits provided.
This is because these US residents have either not received their Stimulus Checks or they have not received their full amount. These payments had started with the first round of Stimulus Payments in March 2020, and the amount which was paid as part of this first Stimulus was about $1200. Not only that, there was a second round again which followed these March 2020 payments, and the amount which was paid as part of these December 2020 Stimulus Payments was set to be about $600, and this was going to be added to an additional $600 payment (for those who had dependents).
This round in December 2020 had created the anticipation for another round of help, as the residents had been helped by the amount provided. As a result, the third Stimulus Package was formed for the last round of financial help federally, and this Third Stimulus was sent out by March 2021.
Stimulus Checks $1400 Overview
|Stimulus Check 1 Dates
|In March 2020
|Stimulus Check 2 Dates
|In December 2020
|Stimulus Check 3 Dates
|In March 2021
|By 2021 Recovery Rebate Credit
$1400 Stimulus Checks Coming Soon
As mentioned, there had been three rounds of financial help which have been completed by the Federal US Government, and the last round was scheduled in March 2021 with a benefit amount set to be as $1400 for every eligible resident. Now in December 2023, there has been a good number of US residents who have been on the waitlist to get their Fourth Stimulus Checks or get their missed payments from the years 2020 and 2021, when the Stimulus Checks were being sent out. There is a good news for these US citizens, and it says that they can get those payments in 2023 if they qualify, by using the option of completing their Recovery Rebate Credits.
It must be noted that for the third round of these 2021 Economic Impact Payments (the EIPs), the amount which is available for the eligible US couples is about $2800. To get these payments of $1400, it is required that the eligible residents complete filing their 2021 Recovery Rebate Credit after completing their taxes for 2021. It has also been reported that these third EIPs can be checked on the IRS Notice 1444 C (and/ or their IRS online account) for verification of the status of their payments. This payment was based on the individual’s total dependents and the income, so to get the full $1400 payment, the income limit in 2021 was set to be $75000 for single filers, and $150,000 for joint filers.
Inflation Stimulus Checks 2023
Every year, it is calculated and decided if the cost of living in the US States has seen an increase or not, and if the cost increases, then this has to increase the amount which is received in the benefit payments. This is to say that the benefits which are received by more than 69 million US residents are going to see an increase with the next year. This is because in 2024, there is going to be the new increase which has been decided by the values of COLA before 2023 has come to an end.
The Cost of Living Adjustments, or the COLA payments in 2024 are going to result in a 3.2% increase for the benefit amounts which are sent out on a monthly basis. This includes the Social Security payment increase, Supplemental Security Income increase, etc. Not only that, the eligible residents are going to get a boost of $200 for every month as a result of this increase, and for the SSI recipients, this increase in payment is going to be sent out starting from 29th December 2023.